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Aussie dollar gains ground as U.S. dollar slips

Xinhua, September 13, 2016 Adjust font size:

The Australian dollar edged higher Tuesday as the greenback lost some ground after a Federal Reserve official cast doubt on the chances of a U.S. rate rise in September.

At the Asian open, the local unit was trading at 75.66 U.S. cents, up from 75.26 U.S. cents on Monday.

Commonwealth Bank of Australia chief currency strategist Richard Grace said the Australian dollar lifted almost 1 percent from Monday's low to 75.67 U.S. cents as the greenback had softened, oil prices increased and as the Wall Street rallied at 1.4 percent.

"The Australian dollar out-performed on the major crosses, except against the New Zealand dollar, where it travelled sideways to 1.0209," Grace said in a research note.

He said the August NAB (National Bank of Australia) business survey set to be released on Tuesday will not influence the Australian dollar's movement at all.

At 0925 local time AEST, the Australian dollar was trading at 75.63 U.S cents. Endit